The problem of localization and circumnavigation of a slowly moving target with unknown speed has been considered. The agent only knows its own position with respect to its initial frame, and the bearing angle to the target in that frame. We propose an estimator to localize the target and a control law that forces the agent to move on a circular trajectory around the target such that both the estimator and the control system are exponentially stable. We consider two different cases where the agent's speed is constant and variable. The performance of the proposed algorithm is verified through simulations.